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Sanchez Energy to enhance liquidity with Midstream and production asset sales

Sanchez Energy (SN) announced that the Company has executed definitive agreements with Sanchez Production Partners (SPP) pursuant to which the Company anticipates: SPP will acquire the Company's 50% interest in Carnero Processing for an initial payment of approximately $47.7M in cash and the assumption by SPP of remaining capital commitments to Carnero Processing, which are estimated at approximately $32.3M; SPP will acquire certain non-core producing oil and gas assets, located in South Texas, from the Company for total consideration of $27M, prior to normal and customary closing adjustments ; andSPP will obtain an option to acquire a lease, currently held by a wholly-owned subsidiary of Sanchez Energy, for a tract of land leased from the Calhoun Port Authority in Point Comfort, Texas, the location of which is intended for the construction of a marine crude storage terminal.

KLR Group downgraded Sanchez Energy to Hold from Buy on valuation, noting that the stock has tripled since late January. Analyst John Gerdes cut his price target to $8 from $9 due to lower liquids price realizations and slightly higher operating expense.

07/18/16

KLRG

07/18/16UPGRADETarget $9KLRGBuy

Sanchez Energy upgraded to Buy from Hold at KLR Group

KLR Group analyst John Gerdes upgraded Sanchez Energy to Buy with a $9 price target.

08/19/16

KLRG

08/19/16DOWNGRADETarget $10KLRGAccumulate

Sanchez Energy downgraded to Accumulate from Buy at KLR Group

KLR Group analyst John Gerdes downgraded Sanchez Energy to Accumulate citing valuation with the stock up 50% since his mid-July upgrade. The analyst keeps a $10 price target for the shares.

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